Volkswagen assigns 20 billion euros in battery orders, speeds EV push

VW Group now produces electric vehicles at three locations, and within the next two years an additional nine plants will be start producing them as well.

When it launched Roadmap E in Europe in the third quarter of previous year, the Volkswagen Group projected it would deliver 80 new EVs from two EV architectures.

Volkswagen shares are trading higher Tuesday, as the German auto maker announced plans to expand its electric vehicle production levels.

Volkswagen will open the floodgates in 2022 and launch a new electric auto every month as it works aggressively to electrify its portfolio, the automaker said.

"This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years", Müller insisted. As we reported last September, the company is now committed to electrifying all of its brands by 2030, with 30 new plug-in hybrids and 50 new battery electric vehicles due by that date.

Müller today admitted it had found space for another nine electrically powered cars, including three more pure BEVs.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" (Volkswagen's EV rollout plan) with the necessary speed and determination".

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To ensure adequate battery capacity for this massive expansion, the company has already agreed to partnerships with battery manufacturers for Europe and China and has awarded contracts for a total volume of around Euro 20 billion. A supplier decision for North America will be taken shortly.

VW's aggressive EV plan comes as a range of automakers commit to an all-electric future and set ambitious production targets for electric vehicles.

Mueller said conventional internal combustion engines would play a role in the company's push to meet tougher European Union limits on carbon dioxide emissions by 2021. Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies. We are putting nearly €20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than €90 billion [US$111 billion] scheduled over the next five years.

Volkswagen CEO Matthias Mueller says the automaker had "an excellent year" in 2017 and is committed to addressing concerns about diesel pollution.

"At EUR 230.7 billion, the group's sales revenue was up 6.2 percent on the prior-year figure, which was a new record", said CFO Frank Witter.

On the other hand, Volkswagen is the biggest automotive company in the world by unit volume, having sold 10.7 million vehicles past year across its slew of brands, which includes VW, Audi, Porsche, Skoda, and few high-end luxury brands such as Lamborghini.

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